After U.S. markets closed on Monday, Canoo reported no revenue, as expected, and a narrower-than-expected adjusted loss per share of $0.14. The company also launched its Lifestyle Delivery Van (LDV) 190, expanding its electric cargo van offerings into a heavier class. Canoo said it is “making progress on achieving a production readiness level of 20,000 vehicles per year by the end of 2023.” Shares were down 6.5% in mid-morning trading on Tuesday.
Before markets opened on Tuesday, Home Depot reported better-than-expected earnings per share (EPS) and revenue. While revenue beat the consensus estimate by 1.7%, it fell 2% short of revenue in the year-ago fiscal quarter. The Dow Jones industrial average component reaffirmed fiscal year 2024 guidance and authorized a new $15 billion share buyback program. The stock traded up 1.2%.
Sea Limited missed both top-line and bottom-line estimates. The Singapore-based company cited lukewarm consumer spending and a weak macroeconomic environment as responsible for a sharp drop in its mobile gaming business. Shares traded down 28% Tuesday.
Tencent Music also missed consensus estimates on the top and bottom lines. EPS missed by a penny, and revenue missed by $2 million (less than 0.1%) but beat the year-ago total by 5.5%. Shares traded up 4.2%.
After U.S. markets close on Tuesday and before they open on Wednesday, JD.com, Nu Holdings, Target, TJX and Zim Shipping are scheduled to report quarterly results. Look for Cisco Systems, SQM and StoneCo to share their results later on Wednesday.
Here is a look at what to expect from two firms reporting earnings first thing Thursday morning.
Tapestry
Luxury goods maker and retailer Tapestry Inc. (NYSE: TPR) posted its 52-week high in early February, down about 15% from the stock’s closing price last Wednesday.
On Thursday, Tapestry said it will acquire another luxury goods maker, Capri Holdings, for $8.5 billion in cash, and the shares plunged another 16%. But over the past 12 months, Tapestry’s stock is down just 0.4%. Could it be that investors overreacted a bit to last week’s news? Interestingly, only one brokerage has downgraded Tapestry’s stock since the announcement; six have downgraded Capri stock.
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